CorePower Magnetics, a Pittsburgh company making advanced components for power electronics, announced a $10.6 million equity financing on September 17 to expand manufacturing in the region. The company is headquartered at the Energy Innovation Center on Bedford Avenue in the Hill District. Its next phase turns materials work developed in Pittsburgh into a larger production operation serving data centers, the electric grid and industrial customers.

Engine Ventures and Material Impact co-led the round, with Evergreen Climate Innovations, the Carnegie Mellon Catalyst Fund and Baruch Future Ventures participating, according to CorePower's announcement. The company says the financing brings its total equity funding to $13.6 million. It also reports $27 million in separate, non-dilutive support through federal energy and defense programs. Those are different funding categories, and the newly announced $10.6 million is the capital earmarked for the current manufacturing push.

From Pittsburgh Research to Production

Co-founder and chief technology officer Paul Ohodnicki and CEO Sam Kernion advanced the underlying materials research at Carnegie Mellon University in collaboration with the U.S. Department of Energy's National Energy Technology Laboratory. Founded in 2020, CorePower now designs and manufactures magnetic materials as well as finished components, including inductors and transformers. Those devices help convert and control electricity inside systems ranging from industrial equipment to data center power infrastructure.

The distinction matters as computing and electrification raise the demands placed on power equipment. CorePower says its nanocrystalline alloys can support smaller, lighter and more efficient components that operate under demanding conditions. Its announcement says it is working under paid engagements with several Fortune 500 companies and moving multiple product lines toward volume production. Those are company-reported milestones; the announcement does not identify the customers or set a completion date for the expansion.

Room to Grow in the Region

The financing is intended to add production equipment and capacity while supporting hiring in engineering, operations and manufacturing. Heatmap reported that CorePower has a 10,000-square-foot pilot facility and is considering a much larger regional site, potentially up to 100,000 square feet. The larger location remains a plan without a confirmed timeline. For now, the immediate story is the move from pilot-scale work toward commercial output.

CorePower's growth connects several Pittsburgh strengths in one place: university research, federal laboratory collaboration, materials science and hands-on manufacturing. The Hill District headquarters anchors that work close to the city's innovation institutions, while a future regional production site could keep more of the value of that research nearby. The announcement is an investment in capacity, with its ultimate scale still to be determined by customer demand and execution.

For a city with a long industrial history, the opportunity is unusually tangible. The product is neither a distant software concept nor a finished megaproject; it is a set of components already moving through customer programs and toward larger-scale production. If CorePower can turn that demand into a durable manufacturing operation, Pittsburgh will have helped build another link in the infrastructure behind the next generation of computing and power systems.